Labour Ministry appoints interim team to rescue troubled CCWU credit union

The Labour Ministry, through its Co-operatives and Friendly Societies Department, has appointed a nine-member Interim Management Committee (IMC) to manage the affairs of the Clerical and Commercial Workers Co-operative Credit Union Limited (CCWU) for six months.
The appointment, made under the authority of the Co-operative Society Act, chapter 88:01, on Thursday grants the Chief Co-operatives Development Officer (CCDO), Janaknauth Panchu, the power to assume control of any co-operative, friendly society, or credit union deemed to be mismanaged or lacking transparency.
The installation ceremony was held at the Ministry’s boardroom and attended by the Labour Minister, Joseph Hamilton.
In his remarks, Hamilton explained that the Ministry’s intervention followed a formal petition from members of the CCWU, who requested Government assistance to restore proper management.
Hamilton emphasised that the IMC must act in the best interest of the credit union’s membership and reaffirmed that no management committee holds authority above the general membership, whose rights and shares must be respected equally.
The newly appointed IMC has been mandated to: To regularise the membership of the credit union so that it will be consistent with the rules. To ascertain the assets of the credit union as it relates to the building, and differentiate the workers’ union’s assets from those owned by the credit union. To perform any other duties that may be required to ensure that there is accountability and good governance in place. To prepare the foundation for a Special General Meeting to have an elected committee of management to ensure that all records of the credit union are updated for audit up to December 2024.